Japan Nikkei falls as investors lock in profits

The Japan share market finished session lower on Friday, 07 February 2020, snapping three daysof winning streak, as investors elected to book profit made recently ahead of the weekend and before the release later in the day of key US jobs data. At closing bell, the 225-issue Nikkei Stock Average declined 45.61 points, or 0.19%, to 23,827.98, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 4.84 points, or 0.28%, at 1,732.14.

The Tokyo market opened higher, in the wake of record-breaking advance on Wall Street Thursday amid spreading optimistic prospects for the U.S. economy and U.S.-China trade. But after their initial buy orders were executed, investors moved to take profits from the sharp market advance through Thursday.

Carmakers declined amid worries that the virus outbreak, which led to widespread quarantine efforts in China, might hit the global supply chain for various industries as Chinese factories remain shut. Japan's Mazda fell 3.6%, Toyota shares were off by 0.7%, Nissan was down 1.3%, Honda lower by 2.7%.

Chemical-maker Asahi Kasei Corp. plunged after posting an operating profit fall in April-December and issuing a profit warning for the full business year ending March. Camera-maker Nikon Corp. also bled on dismal earnings news.

On the other hand, Softbank Group Corp. attracted purchases on media reports that U.S. activist hedge fund Elliott Management Corp. has built a $2.5 billion stake in the technology investor. Optical equipment-maker Olympus Corp. surged thanks to a sharp operating profit rise in April-December and upgrading of its earnings projections for the year to March.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, little softer against a basket of currencies. The Japanese yen traded at 109.94 per dollar, weakening from levels near 108.6 at the start of the week.

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